Why do we need Bitcoin?

Bitcoin was created in 2009 in response to the financial crisis of 2008 and the subsequent loss of trust in financial institutions. It was specifically designed to address some of the problems associated with traditional currencies, such as high transaction fees, long waiting times for payment processing, and the risk of fraud or identity theft. Bitcoin is the first and largest cryptocurrency (by market cap).

It is also often referred to as “digital gold” and "gold standard of cryptocurrencies" due to its potential to be a safe-haven asset and long-term growth. Additionally, cryptocurrencies can be used as a store of value, as an investment tool, or simply to purchase goods and services. Bitcoin alone is currently worth billions of euros.

One of the main benefits of Bitcoin is that it allows people to send and receive payments directly to each other, without the need for a third-party intermediary like a bank or credit card company. This makes it easier and faster to make payments, and it also reduces the potential for fraud or identity theft, since there is no central point of control or access to personal information.

Another benefit of Bitcoin is that it is based on a decentralized network of computers that work together to validate and record transactions. This means that it is not controlled by any single entity, such as a government or financial institution, and is therefore less subject to censorship or interference.

Overall, Bitcoin offers a number of benefits over traditional currencies, including lower transaction fees, faster processing times, and greater security and privacy. Bitcoin is also the most widely accepted, traded, and adopted cryptocurrency due to its history, network, liquidity, security, decentralisation, and availability.

It is also perfectly suitable for users who desire privacy and freedom from government control. Bitcoin offers users anonymity, making it one of the preferred methods of payment in digital transactions.

Additionally, Bitcoin transactions are recorded on a blockchain, making them more secure than traditional financial transactions.

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The fact that cryptocurrency is not bound by governmental regulations and is decentralized, makes it attractive to many users, as well as businesses seeking to avoid high fees associated with traditional currencies.

Furthermore, Bitcoin's use of blockchain technology allows for secure, transparent, and immutable transactions, meaning that users can feel confident in the security and privacy of their funds. 

I have listed in point form several reasons why we need Bitcoin:

Decentralization: One of the main reasons for Bitcoin's creation was to offer an alternative to traditional financial systems, which are often controlled by a single entity (e.g., a central bank). Bitcoin is decentralized, meaning that it is not controlled by any one entity. This can make it a more secure and transparent way to exchange value, as there is no single point of failure that hackers can target.

Privacy: While Bitcoin is not completely anonymous, it does offer some privacy. Bitcoin allows users to make transactions without revealing identity. While Bitcoin transactions are recorded on a public ledger (called the blockchain), the ledger does not contain any personal information about the users involved. This makes it a good option for people who want to keep their financial activity private.

Low fees: Bitcoin transactions often have very low fees, especially compared to traditional financial systems. This makes it a good option for people who need to send money internationally or make small payments.

Security: Bitcoin uses cryptography to secure its transactions, making it extremely difficult for unauthorized parties to access or steal user funds. Bitcoin’s network has never been hacked. The only hacking or security breaches that we hear on the news are related to user’s non-custodial wallets and not the network.

Censorship resistance: Because Bitcoin is decentralized, it is not subject to censorship by governments or other central authorities. This makes it a good option for people who live in countries where the financial system is heavily regulated or who want to make a transaction that might be blocked by traditional financial institutions.

Limited supply: There is a limited supply of Bitcoin, with a maximum of 21 million Bitcoins that can be mined. This can make it a potentially good store of value, as its value may increase as demand for it grows and the supply remains limited.

Accessibility: Bitcoin and other cryptocurrencies can be accessed and used by anyone with an internet connection and a cheap mobile phone regardless of location or financial status. 

Conclusion

Bitcoin is not the perfect means of financial system however, this technology is revolutionising the way we do business, and its offering us many advantages over traditional systems. Thanks to Bitcoin, other altcoins such as Ethereum, Cardano, Crypto.com's CRO and Nexo, are introducing new technologies, methods and ways to make money.

Since governments are trying to reduce cash-money and promoting digital-money, companies like VISA and Mastercard are cashing in millions every day. This is a cost a to both the merchant and the buyer. I will write in more details about this in my next blog. Besides that, having a centralised systems, are prone for hacking of funds, client’s data etc. 

Most importantly, governments want digital money to be able to access our personal information, control and monitoring us and manipulate citizens for their own agendas.

It seems that Bitcoin is one of the answers to fight the matrix. Let's give it a try.

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When someone asks you why do we need Bitcoin, send them a link of this blog to read it.